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Small Business Encyclopedia

Encyclopedia Search

Terms starting with: l

Labor Laws

Definition: Laws that define the rights of employees in the United States and protect them from employer retaliation for exercising those legal rights or reporting violations to the proper authorities.

Last In, First Out (LIFO)

Definition: An accounting method for inventory and cost of sales in which the last items produced or purchased are assumed to be sold first; allows business owner to value inventory at the less expensive cost of the older inventory; typically used during times of high inflation

Lawsuit

Definition: A civil action brought in court of law in which a plaintiff seeks a legal remedy, such as damages

Leased Employees

Definition: Workers who are officially employed by a professional employer organization, which is responsible for overseeing all HR-related functions, but who actually perform all work for your company

Leases, Rental

Definition: An agreement between a landlord and a tenant that gives the tenant the right to use and occupy rental property for a period of time

Liability

Definition: Anything for which a company is legally bound or obligated, as to make good any loss or damage that occurs in a transaction

Liability Insurance

Definition: Insurance coverage that protects against claims against the insurance holder of property damage, personal injury, negligence and so on

Licensing

Definition: A business arrangement in which one company gives another company permission to manufacture its product for a specified payment

Life Insurance

Definition: An agreement that guarantees the payment of a stated amount of monetary benefits upon the death of the insured

Limited Liability Company

Definition: A form of business organization with the liability-shield advantages of a corporation and the flexibility and tax pass-through advantages of a partnership

Limited Liability Partnership

Definition: A business organization that allows limited partners to enjoy limited personal liability while general partners have unlimited personal liability

Link Exchange

Definition: The practice of exchanging links with other websites. You place another site's link on your site, usually on a links page, and in return, the other site places a link on their site back to you.

Loans

Definition: Money borrowed that is usually repaid with interest

Location

Definition: The physical space where your business exists

Logo

Definition: A recognizable graphic design element, often including a name, symbol or trademark, representing an organization or product

LowDoc

Definition: A special SBA 7(a) loan promising quick processing for amounts less than $150,000

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About Encyclopedia

No matter what business topic you're interested in, you'll find our category list is an easy way to navigate our small-business encyclopedia. From Accounting and Advertising to Location and Operations, every topic offers information on the terms that matter most. And if you can't find what you need here, our "Terms A - Z" list makes tracking down terms a snap.